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Wednesday, April 4, 2012

Global oil supply can weather Iran sanctions, Obama says

US President Barack Obama vowed Friday to implement tough sanctions on Iran, citing rising production and strategic reserves as alternatives to Iranian oil and boosting speculation that some nations plan to tap into emergency stockpiles this year.

President Barack Obama vowed on Friday to forge ahead with tough sanctions on Iran, saying there was enough oil in the world market - including emergency stockpiles - to allow countries to cut Iranian imports.

In his decision, required by a sanctions law he signed in December, Obama said increased production by some countries as well as "the existence of strategic reserves" helped him come to the conclusion that sanctions can advance.

"I will closely monitor this situation to assure that the market can continue to accommodate a reduction in purchases of petroleum and petroleum products from Iran," he said in a statement. Read more......